🚀 Solana's Project 0 to Conduct Internal Audit After Service Disruption
#Solana #Project0 #InternalAudit #ServiceDisruption #ForesightNews #Supabase #UserExperience #Blockchain #SOL
Solana ecosystem's prime brokerage, Project 0, is set to conduct an internal audit and review following a service disruption caused by an upstream service interruption. According to Foresight News, this initiative aims to minimize the impact of similar incidents on user experience in the future. The recent disruption, attributed to a downtime at upstream service provider Supabase, did not affect any on-chain positions or user funds.#Solana #Project0 #InternalAudit #ServiceDisruption #ForesightNews #Supabase #UserExperience #Blockchain #SOL
🚀 Project 0 Responds Swiftly to GitHub Key Breach
#Project0 #GitHub #SecurityBreach #Cybersecurity #IncidentResponse #MacBrennan #ChainCatcher #Phishing #Refund
Project 0 founder MacBrennan reported a security incident involving the theft of a GitHub key from a team member. According to ChainCatcher, the breach occurred between 9:45 and 10:19 PM, leading to users being redirected from the P0 website to another site.
MacBrennan stated that the team quickly identified and halted the redirection within 40 minutes. The incident did not affect any P0 funds or holdings. It was confirmed that one user, who visited the new site out of curiosity, lost $1,000 but will receive a full refund.#Project0 #GitHub #SecurityBreach #Cybersecurity #IncidentResponse #MacBrennan #ChainCatcher #Phishing #Refund
🚀 Project 0 Addresses Drift Vulnerability Impact
#Project0 #DriftVulnerability #ForesightNews #AssetDevaluation #CompensationDistribution #LossAssessment #UnifiedFundPool #LenderLosses #Snapshot #AssetRecovery
Project 0 co-founder MacBrennan has provided an update regarding the handling of the Drift vulnerability incident. According to Foresight News, the team aims to complete the socialization of losses for all affected Drift users within the day, with the latest completion by tomorrow. Before resuming operations, they will disclose all calculation methods and processes.
Project 0 stated that Drift lenders will bear losses proportionally, while non-Drift lenders may face a maximum devaluation of approximately 2% in the unified fund pool. The current loss assessment is based on the most conservative scenario of Drift assets being reduced to zero. However, the situation is expected to improve as Drift's asset distribution plan becomes clearer. All users affected by the devaluation will be recorded via snapshot and will receive compensation distribution once funds are recovered.#Project0 #DriftVulnerability #ForesightNews #AssetDevaluation #CompensationDistribution #LossAssessment #UnifiedFundPool #LenderLosses #Snapshot #AssetRecovery
🚀 Project 0 Resumes Operations After Drift Protocol Hack
#Project0 #DeFi #DriftProtocol #CryptoHack #LendingProtocol #USDC #SOL #USDT #BTC #ETH #WIF #BONK #GovernanceTokens #CryptoNews #Blockchain #Deleveraging #CreditPool
Decentralized lending protocol Project 0 has announced the resumption of its operations. According to Foresight News, the platform had previously halted activities and initiated a deleveraging process following a hack on the Drift protocol. Project 0 reported that the remaining socialized loss amounts to approximately $1.9147 million, which will be distributed across the credit pool, resulting in an average asset write-down of 2.61% for lenders.
The write-down percentages vary by asset risk level, with USDC, SOL, and USDT experiencing a 1% reduction, mainstream assets like BTC and ETH seeing a 2.61% decrease, and WIF, BONK, and governance tokens facing a 6.62% reduction. Project 0 noted that as Drift assets are gradually unlocked and returned to affected users, the actual loss will be less than the stated baseline figures.
Previously, Project 0 co-founder MacBrennan explained that the protocol employs a unified credit pool to enable cross-protocol margin functionality, which is a core mechanism of P0. However, some community members expressed dissatisfaction, stating that they were impacted despite not directly participating in Drift lending.#Project0 #DeFi #DriftProtocol #CryptoHack #LendingProtocol #USDC #SOL #USDT #BTC #ETH #WIF #BONK #GovernanceTokens #CryptoNews #Blockchain #Deleveraging #CreditPool